Shafie speaking at a press conference to address the first 100 days of the new State Government.
KOTA KINABALU: Sabah is willing to ‘share’ its oil profits with the other states but it will remain firm in demanding for the 20 per cent oil royalty, based on gross profit.
Chief Minister Datuk Seri Shafie Apdal pointed out that that the recent 20 per cent oil royalty announcement by the Federal Government was not in tandem with Sabah’s initial request as the royalty given was based on ‘net profit’ instead of ‘gross profit’.
“I believe that this has to be realized. We have to deal with it. I have indicated this to the president of Petronas that the Sabah State Government and State Cabinet affirms its stand that the 20 per cent should be based on gross profit,” Shafie told reporters at a press conference today.
“We do not mind sharing it with other states but what is important for us is that we want the 20 per cent gross,” the State Finance Minister added.
He opined Sabah deserves the 20 per cent as it is one of the biggest states in the country and that it is in need of money to develop Sabah.